Investec has moved to reassure investors that its exposure to the Steinhoff Group of companies will result in a maximum potential loss of around 3% of group post-tax operating profit after the South African retailer was accused of accounting irregularities.

As South African financial advisers await the election of president Jacob Zuma’s successor with bated breath, where this political uncertainty leaves the implementation of the Twin Peaks reforms and the next phases of RDR is anyone’s guess.

DeVere Investment has dropped two of the three points of appeal it lodged after losing a South Africa Labour Appeal Court ruling that it had to pay fired area manager Ross Pennell outstanding commission, notice, and an unpaid bonus.

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